NEW YORK CITY — Madison Realty Capital, a locally based real estate private equity firm, has provided $133 million in financing for a 51-story, 379-room hotel in Manhattan’s Hudson Yards district. According to New York YIMBY, Aloft will be the hotel operator. The borrower, an affiliate of Marx Development Group, will use the proceeds to complete construction and stabilize the property, which is located directly across from the Javits Center at 450 Eleventh Ave. The hotel will offer 61 double queens, 267 kings, 41 king corner suites, four luxury suites and six luxury duplex suites. Amenities will include a multi-level, 7,224 square-foot restaurant with outdoor terrace space, as well as a spa, fitness center, business center, lounge, bar, ballroom and banquet and conference spaces. DSM Design Group served as the project architect, and Atria Builders is the general contractor. A full completion date was not disclosed.
ORANGE COUNTY, CALIF. — BWE has arranged $224.7 million in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced in order to secure equity for the acquisition of the sixth property, Regency Palms in Huntington Beach. Jason Krupoff and Doug Taylor of BWE’s Irvine office originated the loans on behalf of a long-term investor-operator of Orange County multifamily properties. One of BWE’s correspondent life companies provided financing for three of the properties, totaling $90.6 million in loan proceeds. The other three, including the acquisition, totaled $134 million through Fannie Mae. The six individual loans were all nonrecourse, permanent transactions with fixed rates. The loans have between five- and 10-year terms with 30-year amortization periods, with the agency loans having initial interest-only periods.
MORRISTOWN, N.J. — A partnership between The Olnick Organization and Fisher Development Associates is underway on the redevelopment of Headquarters Plaza, a 1 million-square-foot mixed-use complex in the Northern New Jersey community of Morristown. Headquarters Plaza consists of 650,000 square feet of office space, 100,000 square feet of retail and restaurant space, a 265-room Hyatt Regency hotel, a 40,000-square-foot health club and a 10-screen AMC movie theater. Full renovations of the hotel and 50,000-square-foot public outdoor space have already been completed. Ownership has now unveiled plans for the redesign of the main office concourse and signed leases with three new restaurant tenants. Gensler is the project architect.
SCOTTSDALE, ARIZ. — Clear Sky Capital has obtained $17.5 million in construction financing for a self-storage facility at 16136 N. Pima Road in Scottsdale. With completion slated for third-quarter 2025, the four-story, Class A facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. Additionally, the property will feature a state-of-the-art security system, including exterior surveillance. Kevin Mackenzie and Jason Carlos of JLL Capital Markets’ debt advisory team secured the loan for the borrower through Enterprise Bank and Trust.
TEMECULA, CALIF. — Level Asset Capital has acquired Tower Office Plaza, an office property in Temecula, for $13.8 million. Located at 27555 Ynez Road, the four-story asset is situated within Tower Plaza, a grocery-anchored retail center. The four-story, 71,775-square-foot office building includes a two-story parking structure and an oversized pond water feature. At the time of sale, the property was 94 percent occupied with tenants ranging from medical providers to banking services. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE Investment Properties represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the buyer in the transaction.
SOUTH BRUNSWICK, N.J. — JLL has brokered the sale of a 216,000-square-foot warehouse in South Brunswick, located just outside of Trenton. Built in 1991, the cross-dock facility at 152 Ridge Road features a clear height of 30 feet and 33 loading docks and was fully leased at the time of sale to an undisclosed, third-party logistics company. The unnamed owner sold the asset to Atlanta-based Invesco Real Estate for an undisclosed price. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Conor Walsh of JLL brokered the deal.
LOS ANGELES — Lee & Associates – LA North/Ventura has brokered the acquisition of an industrial property located at 10643 Glenoaks Blvd. in the Pacoima neighborhood of Los Angeles. Greater Los Angeles Vector Control District, a local government health entity, acquired the asset from Glenoaks Partners for $13.1 million. Chris McKenzie of Lee & Associates – LA North/Ventura represented the seller in the transaction. The asset features 38,063 square feet of industrial space with 13,086 square feet of office space and high-power capabilities.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of an office building in Lakewood, a first-ring suburb of Denver. A private investor purchased the asset from a limited liability company for $2.1 million. Located at 3405 Yarrow St., the property offers 7,053 square feet of Class B office space. Built in 2023, the building is fully occupied by Stanbrick Dental and Dental Care Alliance. Erik Enstad, Chadd Nelson and Brandon Kramer of Marcus & Millichap’s Denver office represented the seller, while Chris Lind, Mark Ruble, Zack House and Sean Lenchner of Marcus & Millichap’s Phoenix office represented the buyer in the deal. Adam Lewis of Marcus & Millichap served as Colorado broker of record.
NEW YORK CITY — Cushman & Wakefield has negotiated a 27,667-square-foot office lease at 3 Times Square in Midtown Manhattan. The tenant, Atlanta-based law firm Kilpatrick Townsend & Stockton, will relocate from the W.R. Grace Building to the 28th floor of the 30-story building, which originally opened in 2001 and recently underwent a capital improvement program. Ron Lo Russo, John Cefaly, John Santora, Paige Engeldrum, Lou D’Avanzo, Mike Burgio and Dan Organ of Cushman & Wakefield, along with internal agent Tom Keating, represented the landlord, Rudin, in the lease negotiations. Mark Weiss and Sam Hollis Jr., also with Cushman & Wakefield, represented the tenant, which joins the likes of Touro University, Remy Cointreau and accounting firm Anchin, Block & Anchin
URBANA, ILL. — Berkadia has brokered the $38 million sale of Town & Country, a 662-unit multifamily property in Urbana. Located at 1032 E. Kerr Ave., the garden-style community offers convenient access to the University of Illinois. Town & Country was built in phases between 1970 and 2007, and was 98 percent occupied at the time of sale. Ralph DePasquale of Berkadia represented the seller, Colorado-based Monarch Investment and Management Group. The buyer was Michigan-based MF Capital. The transaction also included an adjacent 52-unit self-storage facility.